Crypto Current Affairs—Trading Steem on LiveCoin.net + Government Of India—To Ban Bitcoin Or Not?
LiveCoin.net has launched Steem trading on their platform. Now you can sell or buy Steem for Bitcoin. This feels like a breath of fresh air amidst the ongoing crypto bloodbath! As a Steemit user I welcome this move by LiveCoin!
Today, I saw Steem listed on LiveCoin website when I was looking some alternate exchanges for some interesting coins and trading opportunities. I also found it listed on the Blockfolio (portfolio manager) mobile app. However, only Steem/BTC pair is available, and ergo you will not be able to trade your SBDs on their platform at press time.
I tried creating an account today to test it out but I didn't receive any email for activation so if any of you here use LiveCoin, I would love to get some feedback in the comments from your experience using this platform.
LiveCoin doesn't seem to have any official press release to this effect at the moment but I expect it to get popular as trading volumes increase in the future. At press time, the trading volume/liquidity is very low. But it's good to see new exchanges open up to our favorite crypto Steem!
Indian Government and Reserve Bank Mulling Bitcoin Status
Indian government is considering the pros and cons of regulating bitcoin as well considering the positive aspects as well as the repercussions of a total ban on the leading cryptocurrency. Currently, Bitcoin and cryptocurrencies sit in a very grey area; they are neither legal or illegal! Indian government as well as the Reserve Bank of India have cautioned citizens against cryptocurrency sale/purchase.
Bitcoin made news after demonetization when the userbase for most exchanges in India grew at an unprecedented rate due to the increased demand for Bitcoin. Cyber ransomware attacks also unleashed a wave of press coverage for Bitcoin in India.
The government is considering new ways to levy tax on Bitcoin. One of the ways it can do this quickly is by bringing trading of Bitcoin via currently operating exchanges under the purview of its stock market regulator, Securities and Exchange Board of India (SEBI). This would allow it to tax Bitcoin similar to Gold and other precious metals.
However, it is also considering drafting an entirely new regulatory framework that will enable it to levy tax under the new Goods and Services Tax (GST) regulations on the sale/purchase of Bitcoin cryptocurrency.
A senior government official told The Hindu—a top Indian newspaper:
The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley last month.
A proposal to ban such currency altogether was also considered at the meeting, but found few takers among top officials from the Ministries of Finance, Home Affairs and IT as well as SEBI, the Reserve Bank of India, the State Bank of India and NITI Aayog.
The Reserve Bank of India is also closely monitoring trading activities and transaction of the Bitcoin exchanges in India. It is actively looking for any discrepancies, money laundering and other nefarious activities. This is due to the difficulty in ascertaining ownership and origin of the funds transferred using Bitcoin.
In my opinion it's impossible to ban Bitcoin! The government could do well to tax its sale/purchase in a reasonable manner without burdening its users as well as the exchanges operating in the country and pushing them to a corner. It would be foolish for any government to consider banning Bitcoin/cryptocurrencies in it's entirety. Cryptocurrencies are here to stay!
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Great post, governments are always finding a way to get their money. :-/
Very true, they just go after everything they can to tax it and make money from it. The most important thing to remember is that Governments don't make money, they take money in through taxes.
Less taxes = more money you get to keep. :)
Nice post. Followed. :3
Taxation is theft! Many never agreed to this "social contract". Have any ever any of you ever been asked if you wanted to participate in taxation? I never have.
They have no right to tax my property. But according to them, you are their property too because you were born a citizen of that country and so they can dictate your actions. First of all, we have no choice in where we are born and secondly, HOW THE F CAN I STEAL MY OWN SELF.
Lastly, I never asked the government to build roads, schools, or bridges for me. Just because they supply them doesn't mean I asked for it. What if I think what they make is JUNK and I don't want to buy it. Shouldn't I have that right?
Damn taxing thieving immoral robbers is what they are, under the guise of what we call "government".
Ok I need to go take a cold shower now....
Oh and thanks for letting me know about LiveCoin.
I agree with you man! I wish the governments didnt tax everything and so high! We are quite highly taxed here in many ways.
Yep, I thought Income Tax was high in the United States but India on average has a lower take home pay than the U.S. OUCH The last I checked there were at least 97 different taxes in the United States. I need to check that number for India but geez this tax stuff is Willy Wonka style crazy.
That's great to hear steem is on another exchange... about livecoin, that's another story 😂
haha! Tell us more bro! :D
Let's create a firepower token... only 3 bitcoins to get listed 😂😂😂
damn! I never thought of this! Firepower ICO sounds great lol!
Taxing a currency is just absurd. Also Indian government has been cautioning the use of cryptos since 2013, I believe they will caution the use even when currency goes past $10000 lol
I agree with you on this!
Upvoted. May I get your expert opinion on the bitcoin and steem price that is happening today. For me and my readers. Hope to see you in our conversation.
https://steemit.com/cryptocurrency/@yoda1917/steem-usd-crashes-through-the-ground-to-usd0-96563252-here-is-why-and-here-is-what-to-do
ill take a look
Thanks for the follow. Followed back.
There's a lot of great info in this article. I think LiveCoin have made a smart move by allowing the trading of Steem. It will definitely get a lot of traders on their platform.
@incomepal
True that!
Glad you agree
You can not ban regulate or tax bitcoin, You can live in an illusion though
@firepower
You are misinformed.
Livecoin.net did not welcome STEEM on their platform. STEEM applied and paid the fees to be in the platform like every crypto.
Cheers and Follow me @Yehey
Thank you.
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